Martin: City of Hopkinsville faces budget deficit for payroll tax collection

Hopkinsville City Council has heard the monthly financial report and approved the third payment of the CARES Act funding to help with future pension obligations.

During Tuesday night’s meeting, Chief Financial Officer Robert Martin presented the financial report and said general fund income relative to expenses showed a decrease of more than $ 1.87 million in October 2021 compared to the same period last year in October 2020.

He added that his research has shown that the decrease is due to differences in timing, new spending and budgeting.

Additionally, Martin said that looking at payroll tax collections, there was a 7.4% budget deficit for this time of year.

He added that they were not meeting budgeted levels before COVID.

In new business, council members approved the third installment of the CARES Act funding of $ 231,094 to be taken from the city’s general fund balance as an addition to the reserve for future retirement obligations. .

Board members also approved incentives for The Rabbit’s Nest, LLC with co-owner Rich Maddox proposing to make a $ 1.7 investment to develop a property at 601 South Main Street to provide residential and commercial properties in the center. -City of Hopkinsville.

And in another action, the council also authorized up to $ 12,280 in US bailout funds to be used to advertise COVID-19 vaccines on two radio stations located in Tennessee.

Ahead of the financial report and annual report by CEO Jeff Hurd of Hopkinsville Electric System, city council met behind closed doors for nearly an hour and a half to discuss an economic development proposal. When the meeting was called back to open session, Mayor Wendell Lynch announced that no action was taken.

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